Beetaloo Acquisition Update
Sydney, May 27, 2021 AEST (ABN Newswire) - Empire Energy Group Limited (
ASX:EEG) (EEGUF:OTCMKTS) is pleased to announce that EMG Northern Territory Holdings Pty Limited ("EMG NT"), Imperial Oil & Gas A Pty Limited ("Imperial A"), a wholly owned subsidiary of Empire, and Pangaea (NT) Pty Limited ("Pangaea") have entered into an amended Share Purchase Agreement ("Amended SPA") which gives legal effect to the EMG NT tag-along notice announced on 26 April 2021.
The Amended SPA replaces the Share Purchase Agreement between Imperial A and Pangaea announced to shareholders on 14 April 2021.
Subject to Completion detailed below, Empire will own a 100% interest in EP167, EP168, EP169, EP198 and EP305 (collectively, "the Tenements"), located in the Beetaloo Sub-basin, onshore Northern Territory.
Total consideration for the acquisition, as previously disclosed to Empire shareholders, will be:
- $6.061 million in cash (to be funded from existing cash at bank);
- 169,696,970 ordinary Empire shares, of which 66,666,667 will be escrowed for 12 months from the date of issue and 88,348,485 will be escrowed for 24 months from the date of issue; and
- 9,696,970 options to acquire ordinary Empire shares at $0.70 per share which will expire in 3 years after their issue date.
Completion
Completion of the acquisition is subject to market standard conditions precedent including Empire shareholder approval and Northern Territory Government approval.
An Independent Expert's Report, which will form part of the Notice of Meeting, is being prepared. Once complete, an Extraordinary General Meeting of Empire shareholders will be convened.
Empire has commenced the Northern Territory Government approval process for transfer of the Tenements to Imperial A.
About Beetaloo Energy Australia Limited
Beetaloo Energy Australia Limited (ASX:BTL) (OTCMKTS:EEGUF) holds 28.9 million acres of highly prospective exploration tenements in the McArthur Basin and Beetaloo Sub-basins, Northern Territory. Work undertaken by the Company since 2010 demonstrates that the Eastern depositional Trough of the McArthur Basin, of which the Company holds around 80%, has enormous conventional and unconventional hydrocarbon potential. The Beetaloo Sub-basin, in which Beetaloo Energy holds a substantial position, has world-class hydrocarbon volumes in place and a ramp up in industry activity to appraise substantial discoveries already made by major Australian oil and gas operators is ongoing.
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